The low mortgage rates continue and consumer demand is increasing due to a downward trend of overall listings in the area; "the fall housing market is shaping up to the be most active in 4 years" said Cameron Muir, BCREA Chief Economist.
What does this mean? Competitively priced homes are selling!
We appear to be entering into a Buyer's market moving towards a balance market; how does this affect Buying or Selling your home? Find out how this Buyer survey affects how to market your home for sale and how to get the best price for your new purchase.
Contact firstname.lastname@example.org for more information on the Okanagan Real Estate Market.
OCTOBER SURVEY SUMMARY
24.5% of purchases were by Move-Up Buyers (up from 22.4% as in September)*
17.5% by First Time Buyers (down from 20.4%)
14.8% moving from Single Family Home to Strata Unit (up from 12.5%)*
8.3% buying Revenue/Investment Property (down from 8.6%)
7.9% buying Recreation Property (down from 13.7%)
5.7% moving into Retirement Home/Seniors Community (up from 3.9%)*
4.8% moving from Strata property to Single Family Home (up from 3.5%)*
* During the month of October, there was an increase in purchases by move-up buyers, home owners downsizing to strata units and retirement communities, and strata owners purchasing single family homes. First-time buyers, and those purchasing revenue and recreation property saw a drop from the previous month.
Buyer Type (Family Dynamic):
26.2% Couple without Children (up from 19.9% in September)**
25.3% Two Parent Family/Children (same as September)**
17.3% Empty Nester/Retired (down from 26.8%)
14.3% Single Male (same as September)
10.1% Single Female (down from 10.7%)
5.1% Single Parent with Children (up from 3.2%)**
** There were more purchases by couples without children and single parents with children in October compared to last month.
59.2% from Within OMREB Board Area (up from 46.9% in September)***
14.3% from Alberta (down from 21.7%)
8.0% from Lower Mainland/Vancouver Island (down from 12.0%)
7.1% from Other Areas in BC (down from 9.7%)
5.9% from Saskatchewan/Manitoba (up from 5.0%)***
2.5% from Eastern Canada/Maritimes (down from 3.1%)
2.5% from Outside Canada (up from 1.6%)***
0.4% from NWT/Yukon (up from 0%)***
*** Compared to September, there were more buyers moving from within the Board area, Saskatchewan and Manitoba, the NWT/Yukon, and outside Canada but less migration from Albert, and fewer purchasers from the Lower Mainland/Vancouver Island, and other areas of BC during October.
A total of 239 respondents participated in this survey – representing 62% of the 353 OMREB sales representatives who acted as Buyers Agents, and 41% of the 588 deals closed on behalf of Buyers in October.